Mukesh Ambani’s Reliance Industries has bought a controlling stake in New York’s Mandarin Oriental hotel from a Dubai sovereign wealth fund for $98m (£72m).
The hotel, which opened in 2003 and is located near Central Park, has been majority-owned by the Investment Corporation of Dubai since 2015.
Last spring, Reliance bought the 300-acre British country club Stoke Park for £57m, which includes a hotel, and it has invested in Oberoi Hotels.
But the deal underscores how hard the hospitality industry has been hit by the pandemic. The 244-bedroom hotel was valued at $340m in 2006.
